Mondi promotes Europe chief as CEO Hathorn steps down

Mondi chief executive David Hathorn will retire from the paper and packaging company in July, with longtime fellow board member Peter Oswald promoted to replace him.

Oswald has been CEO of the Europe & International division since 2008 and worked for the company since 1992.

Hathorn, who has held the group CEO role since 2000, led Mondi's demerger from Anglo American in 2007.

"Since listing in 2007 the market capitalisation of the Group has more than quadrupled, with a compound annual return to shareholders of over 18%. The boards are extremely grateful to David for his contribution to the group over the past 26 years of service and wish him all the best in his retirement," said joint chairmen David Williams and Fred Phaswana in a statement.

They also highlighted Oswald's qualities as a "proven leader with an intimate knowledge of the business", who will offer "strong continuity, while bringing his own dynamism to the role".

He and Hathorn will work together over the next three months before the latter stands down at the end of the annual shareholder meetings on 11 May.